What every Entrepreneur need to know about short and long term business strategy?
Great businessmen always do or plan business strategy. A business strategy means to manage and set plans to do list in order to achieve goals and objectives of the firm. Business strategy is categories into two category name as a short term strategy and long term strategy. On the basis of these strategies, the firms achieve goals and objectives within a timeline. For short term period business strategy involve 6 to 1 years planning while, on the other hand, long-term business strategy covers the period 3 to 5 years or more even longer.
In short, run business strategy, we require improving day to day sales increase customer satisfactions, planning on a day to day daily task of operation, increase the quality of product, customer service on time, delivery orders on time to customers, work balance and daily life balance amount employees in order to increase the employment retention rate, supervision on a daily schedule and task. As a short term business strategy, we will increase the product quality and introduce new varieties in the product to attract the customer, introduces new deals and coupons with limited time offer. Discount will also introduce on the purchasing of product with a limit.
For Long Term:
The long-term business strategy concerned with the high level of management. They are responsible in decisions making on a business operation which will have an effect on long-term. This planning is also referred as Strategic Planning for 3 to 5 years.
Long term planning involves coordination amount team and management, monitoring of the business operations, evaluate the business performance as whole, increase the growth of the business through expansion of business dealings. Long term business strategy, we have decided to increase investment, increase the capital and assets of an organization, increase employment through effective human resources policies, and analyze the risk prevailing in the market.
We will increase our market share in the market through goodwill and brand recognition. For brand recognition we require budget and investment on marketing of product and the organization. For long term business strategy, we have to make proper planning for 3 to 5 years, involve a considerable amount of investment, do market research extensively and require concern about the future direction of the industry.
The objective of both business strategies is to grow or expand a business, increase the market share and goodwill of the organization.